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Source: US Department of Labor Source: US Department of Labor <br />Employment <br />The U.S.economy added 431,000 j obs in March,with upward revisions from the prior months totaling 95,000.Trends in employment remain <br />strong,with the three-month moving average payrolls at 561,000 and the six-month moving average at 600,000.Job gains were broad based in <br />March,led by leisure and hospitality and professional and business services.The unemployment rate fell to 3.6%from 3.8%,the lowest level <br />since February 2020.The labor participation rate increased marginally to 62.4%in March from 62.3%in February but remains lower than the pre- <br />pandemic level of 63.4%.The U-6 underemployment rate,which includes those who are marginally attached to the labor force and employed <br />part time for economic reasons,fell to 6.9%in March from 7.2%in February,declining below its pre-pandemic level of 7.0%in February 2020. <br />Wage growth accelerated in March,with average hourly earnings rising 5.6%from 5.2%year-over-year.As more participants enter the labor <br />force, wage inflation dynamics should start to moderate, helping to lower the current elevated inflation readings. <br />-22,000 <br />-18,000 <br />-14,000 <br />-10,000 <br />-6,000 <br />-2,000 <br />2,000 <br />6,000 <br />MOM Change In (000's)Nonfarm Payroll (000's) <br />Non-farm Payroll (000's) <br />3 month average (000's) <br />0.0% <br />4.0% <br />8.0% <br />12.0% <br />16.0% <br />20.0% <br />24.0% <br />Unemployment Rate <br />Underemployment Rate (U6) <br />Unemployment Rate (U3)Rate (%)4